Do colleges/state adjust my college aid depending on what's in my bank account?

[erikiksaz]

I have low family income, so i'm getting quite a bit financial aid. But, when i first filled out my FAFSA, i did not have a bank account. I entered that i did not have any personal savings. Will this change now that i DO have a bank account? Will they check to see how much cash i have in the bank? And would it lower my financial aid?

 

[The Stigenator]

no i dont think so.. but they ask for the previous years income tax info.

 

[erikiksaz]

Income tax, hmm, not even sure if i have to apply err whatnot. I'm 18, but still a bit confused about all this tax madness. Do i have to go through all the trouble that my mom/all adults seem to go through now?

 

[numark]

Anything you do after filing the FAFSA doesn't count against you anymore. However, it will count on the next FAFSA you fill out, because you'll have the bank account at that time. As for right now, though, no they won't check up on anything that you've done after your FAFSA. It's all based as of the moment you file the document.

 

[yobarman]

i think the formula for the amount of financial aid you should get includes a small percentage of your savings.. i think it's 10% (possibly) Doesn't mean you have to pay from your account, but it goes into the formula

 

[Krugger]

Originally posted by: numark
Anything you do after filing the FAFSA doesn't count against you anymore. However, it will count on the next FAFSA you fill out, because you'll have the bank account at that time. As for right now, though, no they won't check up on anything that you've done after your FAFSA. It's all based as of the moment you file the document.

exactly.